The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1887-04-29

getting up into the town. aad | believe
we csn make it saleabie piece of
property" The Denver. & Marshall
Railway, another branch, runs from
Denye. thirty miles to the coal regions.
Ihirty-hve percent. was paid for that
branch. The Leavenworth & Topeka,
running between the Union Pacific and
the Atchisou & Santa Fa. was pur-
chased jointly by these two roads.
It had $3.50 0O0 worth o; stock
apd was nor far from ffty-five miles in
length 1t was brought TO connect
with Topeka, and it barely pays.
Adams thought this road was no longer
valuable to the Union Pacific. and he
had thought that presently the officers
would shape themselves so that this
road and the Atchison road could di-
vide their several joint properties, and
perhaps this branch. owned by one of
them, could be made to pay.
In the afternoon, Mr.. Adams cor
rected this statement, saying that his
road came into possession of the
Leadyille branch on foreclosure OF the
mortgage. The Utah & Nevada, a
railroad running from Salt Lake to
Stockton, was bought by the Union
Pacific in 1882. 1t is small road. but
road was the next acquisition. The in
terest of the Union Pacific is a con
trolling interest. They do not own the
road. 1t was a good paying property
till the Denver q Rio Grande was built.
since which it has not paid. The in
come fell off from 81 400 900 in
1882, to $450,0O0 in 1885. The
inquiry passed to what Adams
calls operated roads, The Colorado
Central is a local road. 1t is good
paying property. Adams stated that
the Georgetown, Breckenridge & Col
orado Railway is famous as the loop
line engineering curiosity. Originally
it ran up the mountains into the mines.
Now there are fourteen miles of the
missing link. Thousands of tourists
visit it Its annual business is only
$7,0W(?). 1t is valuable to the COM
pany because it may represent S100 600
worth of traffic over the main line.
The Echo & Park City Railway connects
the Union Pacific with the Ontario
silver mines. 1t is an unusually val
liable property to the road. The Greedy,
Salt Lake g. Pacific road runs from
Greedy forty-four miles to the quarries
of the Union Pacific and is practically
a stone road merely. II was acquired
in 1882, and is q valuable road. The
Montana Railroad Company runs from
the Utah Northern to Anaconda smelt-
ing works. 1t does big business. The
Union Pacific has 1.500 miles of narrow
guage, bHt it is the policy of that COM
pany TO substitute standard guage as
rapidly as possible. Adams could not
tell the first cost of the construction of
the Union Pacific. He did not know
anything of the affairs of the road IN
til 1880. He held there must be time
when he must take the road and
accept. it as an accomplished fact,
and that period was fixed at $780,
He had rather avoided it prior to that
time. Fhe road was built in the most
extravagant manner possible. The
branch system OF the Union Pacific had
been elaborated at enormous expense,
and every dollar of that money might
just as well have been paid into the
pockets of the stockholders in divi-
bends. The branches of the road were
paying, so it would seem, for while
they made deposits, and il was a fact
that they fed the main line wirh susi-
ness ON which large profits were made.
Adams had calculated that the Union
Pacific was receiving about $1,000, 600
from its branch system. The company
had gone into outside enterprises not
always successful. The Occidental
Steamship Company was paying. 1t
was introduced by the Central Pacific
and was joined by the Union Pabific.
The road was driven into schemes to
develop this without industry by the
press and people. They clamored and
cried that the road was not enterprising
and was ungrateful if it did not
go into these schemes, and then de-
nouneed the road for its recklessness
when one of them failed. Adams did
not know of an instance where d.
rector, officer or employee of the Union
Pacific had any interest in any contract
with the Union Pacific. The last divi-
dend of the road was declared in March.
1884. The net earnings of the road for
the past three years had been devoted
to improving the property. The float
ing debt touched its highest point July
1st, 1884. 1t was then $500, 900. Mr..
Adams had vouchers for all expenses,
and thought the Office would stand
great deal of investigation on that
score. There was an inclination to
leglsiate against the Union Pacific by
state legislatures, and their tax was
enormous, being, 81 ,100, 900 per year.
Adjourned.